Dogecoin has demonstrated remarkable price action since the start of the week, achieving significant gains that have caught the attention of market participants. Over the last 30 days, Dogecoin’s price has surged by 115%, effectively doubling and reaching a new high for 2024. This rally has driven the price above the $0.22 mark—a level last seen more than seven months ago on April 1. The current rally also means that Dogecoin is now trading at its highest level for the year, significantly increasing the number of holders in profit.
Dogecoin’s 7-Month High Pushes Most Holders into Profit
Data from blockchain analytics platform IntoTheBlock indicates that a vast majority of Dogecoin holders are currently profitable. The platform’s profitability metric reveals that approximately 5.82 million addresses, or 91.17% of all holders, are in profit due to this recent price increase. Furthermore, a significant portion (62.35%) of holders who purchased Dogecoin between $0.178537 and $0.242947 are now realizing gains at the current price level.
As we move into a new week, Dogecoin’s price could follow one of two potential paths. The first scenario involves a potential price cooling period after reaching this new 2024 high, as the coin approaches key resistance levels. With many holders now in profit, there may be an increase in selling activity as investors seek to lock in their gains, which could create downward pressure. If the volume of profit-taking exceeds buying interest, a price pullback could be expected.
Alternatively, continued buying momentum could drive Dogecoin’s price higher. Should this upward trend persist, Dogecoin could approach its all-time high of $0.7316 before the end of the year. At the time of writing, Dogecoin is trading at $0.2352, up 11.5% over the past 24 hours.
Analyst Predicts Dogecoin Will Surge to $1.17
According to a well-known cryptocurrency analyst, known by the pseudonym, $DOGE coin is positioned for a continued upward trajectory. Mags suggests that the market is currently experiencing a “meme coin supercycle,” forecasting a parabolic rally for Dogecoin, with the potential to break past resistance levels established earlier in the year. If this rally materializes, Mags predicts that Dogecoin could reach a price of $1.17—a 400% increase from its current price.
Whether Dogecoin maintains its current momentum or enters a period of consolidation remains to be seen, but its recent performance has undoubtedly sparked significant interest across the cryptocurrency market.
